Section 33(3A)

The enhanced due diligence measures taken by a relevant person for the purpose of paragraph (1)(b) must include— obtaining additional information on the customer and on the customer’s beneficial owner; obtaining additional information on the intended nature of the business relationship; obtaining information on the source of funds and source of wealth of the customer and of the customer’s beneficial owner; obtaining information on the reasons for the transactions; obtaining the approval of senior management for establishing or continuing the business relationship; conducting enhanced monitoring of the business relationship by increasing the number and timing of controls applied, and selecting patterns of transactions that need further examination.

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Source: legislation.gov.uk · retrieved 2026-09-04